Okta Inc (NASDAQ:OKTA) Given Consensus Rating of “Buy” by Analysts

Shares of Okta Inc (NASDAQ:OKTA) have received an average recommendation of “Buy” from the twenty-two ratings firms that are currently covering the company, Marketbeat.com reports. Eleven analysts have rated the stock with a hold recommendation and eleven have issued a buy recommendation on the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $133.19.

OKTA has been the subject of a number of research analyst reports. Robert W. Baird increased their target price on shares of Okta from $120.00 to $135.00 and gave the stock a “neutral” rating in a research report on Thursday, August 29th. Guggenheim increased their target price on shares of Okta from $125.00 to $152.00 and gave the stock a “buy” rating in a research report on Thursday, August 29th. Zacks Investment Research raised shares of Okta from a “sell” rating to a “hold” rating in a research report on Wednesday, June 5th. Needham & Company LLC increased their target price on shares of Okta to $154.00 and gave the stock a “buy” rating in a research report on Wednesday, July 17th. Finally, Canaccord Genuity reissued a “buy” rating and set a $145.00 target price (up previously from $125.00) on shares of Okta in a research report on Thursday, August 29th.

Shares of NASDAQ OKTA traded down $4.30 on Friday, reaching $102.07. 100,736 shares of the company traded hands, compared to its average volume of 2,581,484. Okta has a fifty-two week low of $41.88 and a fifty-two week high of $141.85. The company has a 50 day moving average of $129.50 and a 200 day moving average of $111.81. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $12.52 billion, a PE ratio of -99.12 and a beta of 1.06.

Okta (NASDAQ:OKTA) last posted its earnings results on Wednesday, August 28th. The company reported ($0.32) earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of ($0.32). The firm had revenue of $140.48 million during the quarter, compared to the consensus estimate of $131.19 million. Okta had a negative net margin of 31.90% and a negative return on equity of 53.93%. The company’s revenue was up 48.5% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.15) EPS. As a group, research analysts expect that Okta will post -1.4 earnings per share for the current year.

In other Okta news, insider Charles Race sold 50,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $107.34, for a total value of $5,367,000.00. Following the completion of the transaction, the insider now owns 59,753 shares in the company, valued at approximately $6,413,887.02. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Jacques Frederic Kerrest sold 1,550 shares of the stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $127.85, for a total value of $198,167.50. Following the transaction, the insider now owns 4,751 shares of the company’s stock, valued at $607,415.35. The disclosure for this sale can be found here. In the last 90 days, insiders sold 741,820 shares of company stock valued at $96,287,465. 14.69% of the stock is owned by company insiders.

Institutional investors have recently added to or reduced their stakes in the company. Lindbrook Capital LLC boosted its stake in shares of Okta by 76.9% during the 2nd quarter. Lindbrook Capital LLC now owns 230 shares of the company’s stock valued at $28,000 after buying an additional 100 shares during the last quarter. Valeo Financial Advisors LLC boosted its stake in shares of Okta by 122.4% during the 2nd quarter. Valeo Financial Advisors LLC now owns 238 shares of the company’s stock valued at $29,000 after buying an additional 131 shares during the last quarter. Focused Wealth Management Inc purchased a new position in shares of Okta during the 2nd quarter valued at approximately $30,000. Truewealth LLC purchased a new position in shares of Okta during the 2nd quarter valued at approximately $33,000. Finally, CSat Investment Advisory L.P. purchased a new position in shares of Okta during the 2nd quarter valued at approximately $34,000. Institutional investors own 70.94% of the company’s stock.

About Okta

Okta, Inc provides identity solutions for enterprises, small and medium-sized businesses, universities, non-profits, and government agencies in the United States and internationally. The company offers Okta Identity Cloud, a platform that offers a suite of products to manage and secure identities, such as Universal Directory, a cloud-based system of record to store and secure user, application, and device profiles for an organization; Single Sign-On that enables users to access their applications in the cloud or on-premise from various devices with a single entry of their user credentials; Adaptive Multi-Factor Authentication, a product that provides an additional layer of security for cloud, mobile, and Web applications, as well as for data; Lifecycle Management, which enables IT organizations or developers to manage a user's identity throughout its lifecycle; and API Access Management that enables organizations to secure APIs.It also offers customer support and training, and professional services.

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Analyst Recommendations for Okta (NASDAQ:OKTA)

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